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ValentinkaMS [17]
3 years ago
5

Southern Industries uses job order costing. The following information was drawn from the Company’s monthly accounting reports: J

ob 1 Job 2 Job 3 Direct Materials $ 50 $ 60 $ 30 Direct Labor 20 30 10 Southern applies overhead at the rate of 200% of direct labor costs. By the end of the month, both Job 1 and Job 2 had been completed and sold. Job 3 was still in process. At month-end, what was the balance in the Work in Process inventory?
Business
1 answer:
Vlad [161]3 years ago
8 0

Answer:

The balance in the Work in Process inventory at the month end is $60

Explanation:

Work in Progress : It is a sum of direct material, direct labor and overhead expense. It shows how much percentage of work is left in the company. The work part left in the company is called work in progress.

For computing the Job 3 work in progress, the calculation part is shown below.

= Direct material + Direct labor + overhead expense

= $30 + $10 + 200% × 10

= $30 + $10 + $20

=$60

Hence, the balance in the Work in Process inventory at the month end is $60

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3 years ago
Job 148 requires $12,000 of direct materials, $6,700 of direct labor, 550 direct labor hours, and 270 machine hours. It also req
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b. $26,740

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2 years ago
The account that is brought up to date after the closing entries have been journalized and posted is the ____.
yanalaym [24]

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Answer:

D, retained earnings account

Explanation:

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Simply put, retained earnings can be said to be the amount of income that a firm keeps after a period such as declaring financial reports.

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Cheers.

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